Satellites = +EV or -EV ?

I can think of arguments for each case.

+
If you are a better than average poker player, you'll earn the ticket for less than the buy-in and then receive T$

-
You have to pay a ridiculous 10% satellite fee, then another 10% tournament fee compounding it to a roughly 20% overall fee vs. just a 10% fee to begin with on a straight buy-in.
You also receive T$ rather than actual cash, worth slightly less.


Is there any consensus on whether or not its + or - EV? I've heard they are +EV a few times but my arguments lean me in the opposite direction.

If you can advance 1/3 of the time when 1/5 qualify its definitely +EV but if you are just barely beating the rake it would make more sense to enter the tournament and not spend time replaying satellites.